Growth is possible.

On the daily chart, the third wave of the higher level 3 of (A) of B develops, within which the wave iii of 3 forms. Now, the third wave of the lower level (iii) of iii of 3 has ended, and a correction formed as the fourth wave (iv) of iii. If the assumption is correct, the EUR/USD pair will grow within the wave (v) of iii to the area of 1.1470–1.1700. In this scenario, critical stop loss level is 1.0900.

Main scenario

Long positions will become relevant above the level of 1.0900 with the targets at 1.1470–1.1700. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.0900 will let the asset go down to the area of 1.0663–1.0410.